Completely false. Look to Tokyo to see proof that supply works. No city in Canada or the US is building enough. Not even close. The hand waving of "well supply must not work because it's not working right now" (meanwhile production is still low compared to historical standards) is an unserious argument.

What this article fails to mention: prices are only crazy in certain areas (due to amenities, nightlife, etc). That has always been true, and always will be, and isn't a bad thing.

Lastly: the "zero-sum" argument of "developers and landlords" versus everyone else is wrong as well. The people really making money right now are the homeowners in areas in which supply is constrained - not "evil developers"